Power Metal Resources plc said it had managed to complete six diamond drill holes and collect rock chip samples before the snows fell at its Silver Peak project in British Columbia, Canada.
Chief executive Paul Johnson added that the operating conditions were “very challenging”.
The local team used “man-portable” equipment after the weather conditions proved too risky to transport the drill rig to the site which includes the Eureka-Victoria Silver Mine, the first Crown-granted mineral property in British Columbia.
Power Metal had initially aimed to drill at least 20 vein intersections, with hole depths of 6m/20 feet (120m of drilling overall) within eight days subject to weather conditions. Drilling stopped at an average of 12 feet per hole as heavy snow was forecast. bit.ly/3kYRNcY
A total of 10 diamond core samples were prepared for testing from the six holes drilled, 11 rock chip samples prepared from the field work, and information was collated on the nature of the bifurcating vein system across different levels of the system.
During the summer, Power Metal undertook diligence sampling on ten channels and one grab sample on the Victoria Vein at the project. Results showed bonanza silver (Ag) and significant copper (Cu) and lead (Pb) grades returned from two 0.5m long channel samples. These included:
SP-20-001: 0.50m @ 10,718 g/t Ag, 2.14 % Cu & 2.99 % Pb
SP-20-006: 0.50m @ 14,937 g/t Ag, 3.05 % Cu & 11.95 % Pb
SP20-005: 0.70m @ 7,880 g/t Ag, 1.64 % Cu & 3.16 % Pb
SP20-003: 0.50m @ 7,530 g/t Ag, 1.57 % Cu & 2.07 % Pb
Average silver grade across all 11 samples were >6,000g/t silver.
The Silver Peak project comprises a portfolio of mineral claims over a system of high grade, intrusion related, polymetallic Ag-Pb-Zn-Cu veins, part of the historical Eureka-Victoria Silver Mine, at Silver Peak in southern British Columbia, Canada.
The project is 100% owned by private vendors Michael Nugent and Jo Shearer. During August, Power Metal signed an exercise option to earn-in to a 30% interest in the Silver Peak project and exploration began before the end of the month. The terms include CAD$250,000 (£143,193) payment on exploration within 12 months of the option exercise. To date, Power Metal has paid CAD$141,048 of the commitment with CAD$108,952 (£63,000) due by 17 August 2021.